N.Y.
Public Authorities Law Section 1599-F*4
Advances on behalf of the authority
- conveyance of property by the city to the authority
- acquisition of property by the city or by the a...
1.
In addition to any powers granted to it by law, the city from time to time may appropriate sums of money to or on behalf of the authority to defray project costs or any other costs and expenses of the authority. Subject to the rights of bondholders, the city may determine if the moneys so appropriated shall be subject to repayment by the authority to the city and, in such event, the manner and time or times for such repayment.2.
The city may, by resolution or resolutions of the city council or by instruments authorized by such resolutions, convey, with or without consideration, and upon appropriate conditions as to outstanding city bonds appertaining thereto, to the authority real and personal property owned by the city for use by the authority as a project or projects or a part thereof. In the case of real and/or personal property so conveyed, the title shall pass to the authority.3.
The city may acquire in the name of the city by gift, purchase or eminant domain real property in the city for any of the projects or for the widening of existing roads, streets, avenues or highways, or for new roads, streets, avenues or highways within a radius of one mile to any of the projects, or partly for such purposes and partly for other city purposes, by gift, purchase or eminent domain in the manner provided by law for the acquisition of real property by the city. For like purposes, the city may close such streets, roads, avenues, or highways as may be necessary or convenient, except as to state highways and arterial ways which may not be closed without the consent of the state commissioner of transportation.4.
Contracts may be entered into between the city and the authority providing for the property to be conveyed by the city to the authority, the additional property to be acquired by the city and so conveyed, the streets, roads, avenues, and highways to be closed by the city and the amounts, terms and conditions of payment to be made by the authority. Such contracts may also contain covenants by the city as to the road, street, avenue and highway improvements to be made by the city and as to such matters which pertain to any conveyance of property to the authority. Any such contracts between the city and the authority may be pledged by the authority to secure its bonds and may not be modified thereafter except as provided by the terms of such contract and such pledge. The city council may authorize such contracts between the city and the authority and no other authorization on the part of the city for such contracts shall be necessary. Any such contracts may be so authorized and entered into by the city and in such manner as the city council may determine, and the payments required to be made by the city may be made and financed notwithstanding that no provisions therefor shall have first been made in the annual appropriations of the city. All contractual or other obligations of the city incurred in carrying out the provisions of this title shall be included in and provided for by each annual appropriation of the city thereafter made, if and to the extent that they may appropriately be included therein.5.
The authority may itself acquire real property necessary or convenient in connection with any project in the name of the authority at the cost and expense of the authority by gift, purchase, or eminent domain pursuant to the eminent domain procedure law or pursuant to the laws relating to the acquisition of land by eminant domain by the city.6.
In case the authority shall have the use and occupancy of any real property which it shall determine is no longer required for a project then, if such property was acquired at the cost and expense of the city, the authority shall have the power to surrender its use and occupancy thereof to the city, or, if such real property was acquired at the cost and expense of the authority, then the authority shall have the power to sell, lease or otherwise dispose of said real property at public or private sale, and shall retain and have the power to use the proceeds of sale, rentals, or other moneys derived from the disposition thereof for its purposes. * NB Authority ceased to exist 08/05/2002 * NB There are 4 § 1599-f’s
Source:
Section 1599-F*4 — Advances on behalf of the authority; conveyance of property by the city to the authority; acquisition of property by the city or by the a..., https://www.nysenate.gov/legislation/laws/PBA/1599-F*4 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
